PowerPay, a provider of home improvement financing, recently announced it has surpassed $1 billion in loan originations following its launch in December 2019. The company reported that through its network of 7,000 home improvement contractors, it has financed more than 50,000 projects nationwide with an average project cost of $20,000.
PowerPay describes itself as a digital lending platform for the home improvement industry. The platform’s AI notably offers instant approvals on unsecured loans up to $100,000. Homeowners make home improvement dreams a reality with low monthly payments. The company previously formed a partnership with FinMkt, a SaaS provider of point of sale consumer finance technology.
“With nearly 10,000 contractors in our network, we offer interest rates from 4.99%-14.99% for up to 15 years with 2 years of deferred payments for those who qualify. We are not a credit card so we have no prepayment penalties or balloon payments.”
Speaking about the latest milestone, Mike Petrakis, CEO of PowerPay, stated:
“We are really proud of our performance to date but we have much bigger plans for the company. We continue to invest in technology and people, adding new compelling products, to help our contractors expand their offering. We anticipate consolidation in the industry and are looking to make acquisitions and explore growth opportunities.”
PowerPay added that by the end of 2021, it aims to reach a run rate of $3 billion while doubling the contractor network and employee base to exceed 200 employees.